New Look ZiG Banknotes on the Way as RBZ Begins Production
The Reserve Bank of Zimbabwe (RBZ) has started producing redesigned ZiG banknotes as part of its plan to move towards a single national currency within the next five years.
The new notes are expected to come with stronger security features to fight counterfeiting, while also being printed on better-quality paper to last longer.
New Look ZiG Banknotes on the Way as RBZ Begins Production
Ordinary users had long complained that the current notes wear out too quickly — they fade, tear, and become difficult to use in day-to-day transactions. Banks and retailers also raised concerns, saying worn-out notes were costly to replace and inconvenient to handle.
At the moment, only ZiG10 and ZiG20 notes are in use. The upcoming redesign will extend across the full range of denominations first announced when ZiG was introduced in April last year.
RBZ Governor Dr John Mushayavanhu explained that this was not about creating a new currency but improving the quality of existing notes. He said the redesign process was already at an advanced stage, with the central bank following international best practices.
“The Reserve Bank is working on the modernisation of the ZiG banknote series as advised in the recent mid-term Monetary Policy Statement. The new ZiG banknotes will be redesigned, including improved quality and durability for the convenience of the transacting public. In this regard, the production process of the improved banknotes has progressed well and is at an advanced stage. The public will be advised of the expected roll-out at the appropriate time.”
Is this a New Currency?
Dr Mushayavanhu stressed again that Zimbabweans should not panic. The ZiG remains the same; it is only being modernised to meet global standards.
“I must reiterate that the Reserve Bank is not going to issue a new currency, and in this regard, the public should not be apprehensive. Instead, the Reserve Bank is merely redesigning the current banknotes to enhance quality in line with international standards,” he said.
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The post New Look ZiG Banknotes on the Way as RBZ Begins Production appeared first on iHarare News.
